MOSCOW (Sputnik) — Speaking at a briefing in Brussels, he expressed hope that — "depending on the political priorities" — defense-related spending would increase to 500 million euros per year over the next multiannual financial framework.
"Now we have 25 million [euros] available, next year most probably there will be more, and by 2020 we hope to increase this to 90 million euros," Katainen, in charge of jobs, growth, investment and competitiveness said.
"The lack of cooperation between member states in the field of defense and security is estimated to cost annually between 25 to 100 billions. In other words, it means that all the member states are investing more or less in the same issues, same capabilities," Jyrki Katainen told reporters after the meeting.
The EU official added that the European Union needed "a strong political will" to increase its efficiency in this sphere.
US President Donald Trump has repeatedly called on European members of NATO to increase military spending to share US' burden.
The target of spending 2 percent of the GDP mandated by NATO was adopted at the alliance's September 2014 Summit in Wales, with only five countries, including the United States, meeting the required standard, according to NATO figures.